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Oracle Power PLC - Pakistan-focused developer of energy projects - Signs memorandum of understanding for the off-take and development of its 1.32 gigawatt Thar coal fired power plant in the Sindh Province, Pakistan.
Under this MoU, Thar Electricity (Private) Ltd, the company’s wholly-owned subsidiary, will asses the viability of developing the power project at Thar Coal Block VI as originally planned or relocating the power project to K-Electric Ltd’s owned land located at Port Qasim, Karachi, if found technically and commercially suitable and subject to obtaining required approvals and consents.
K-Electric could potentially become the sole off taker for the power plant, via a direct power purchase agreement, if the projects develops as originally planned. PowerChina International Group Ltd declares its interest to be part of the development irrespective of the development paths.
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